ASM reports second quarter 2026 results
Rhea-AI Summary
ASM (OTC: ASMIY) reported unaudited Q2 2026 revenue of €1,003 million, exceeding the midpoint of its €980 million ±5% guidance at constant currency and up 20% YoY (24% at constant currency). Growth was driven by leading-edge logic/foundry, HBM DRAM, and mature logic/foundry in China.
Q2 gross margin was 51.9%, adjusted operating margin 33.0%, and adjusted net earnings rose by €120 million YoY, supported by favorable currency effects. Free cash flow reached a record €355 million. ASM guides Q3 2026 revenue of €1,100 million ±5% and expects H2 2026 revenue to be over 20% higher than H1 at constant currency. The company now expects 2027 revenue to exceed its previous €3.7–€4.6 billion target range and announced a planned CFO succession with Chris Figee expected to join on December 1, 2026.
Positive
- Q2 2026 revenue €1,003m, above guidance midpoint and +20% YoY
- Adjusted net earnings €292.9m, up €120m year-on-year
- Record free cash flow €355m in Q2 2026
- H2 2026 revenue expected >20% above H1 at constant currency
- Q3 2026 revenue guidance €1,100m ±5% at constant currency
- 2027 revenue expected to exceed prior €4.6bn target range top
Negative
- Q2 2026 gross margin 51.9%, down from 53.3% in Q1 2026
- H2 2026 mature logic/foundry sales expected below H1 level
AI-generated analysis. How Rhea-AI works. Not financial advice.
Almere, The Netherlands
July 28, 2026, 6 p.m. CET
ASM delivers a record quarterly revenue of
ASM International N.V. (Euronext Amsterdam: ASM) today reports its second quarter 2026 results (unaudited).
- Revenue of
€1,003 million in Q2 2026, above the midpoint of guidance of€980 million +/-5% at constant currency. Sales were driven by strong demand and increasing market share in leading-edge logic/foundry, robust growth in HBM DRAM, and continued solid mature logic/foundry sales in China. - Momentum in AI-related applications continued to build during the quarter, reflecting ongoing investments by customers to support future AI infrastructure requirements.
- Continued strong gross margin of
51.9% in Q2 2026, driven by favorable mix. - Adjusted operating margin of
33.0% in Q2 2026 is in line with prior quarter's high of33.1% , reflecting operating leverage and cost discipline, while continuing to invest in innovation. - Adjusted net earnings in Q2 2026 increased
€120 million year-on-year, reflecting solid operational performance, and currency translation effects (gain of€22 million versus loss of€60 million in Q2 2025). - Free cash flow increased to a record high
€355 million in Q2 2026, driven by strong profitability and a normalization in working capital after the build-up in Q1 2026. - Outlook: at constant currency, revenue is projected to increase to
€1,100 million +/-5% in Q3 2026. H2 revenue is expected to increase by over20% compared to the level in H1 2026 at constant currency.
Financial highlights
| € million | Q2 2026 | Q1 2026 | Q2 2025 |
| Revenue | 1,003.1 | 862.5 | 835.6 |
| yoy change % as reported | | | |
| yoy change % at constant currency | | | |
| Gross profit | 521.1 | 459.9 | 433.2 |
| Gross margin % | | ||
| Operating result | 322.8 | 278.2 | 258.5 |
| Operating margin % | | | |
| Adjusted operating result 1 | 330.5 | 285.9 | 263.2 |
| Adjusted operating margin %1 | | | |
| Net earnings | 285.4 | 238.5 | 202.4 |
| Adjusted net earnings 1 | 292.9 | 246.0 | 173.0 |
1 Adjusted figures are non-IFRS performance measures. Refer to Annex 3 for a reconciliation of non-IFRS performance measures.
Comment
“We delivered another strong quarter, with Q2 2026 revenue of
The demand environment remained highly favorable in the second quarter, driven by sustained investment in AI infrastructure to support rapidly expanding compute workloads. This momentum continued to fuel the expansion of advanced semiconductor manufacturing capacity globally. At the same time, next-generation devices increasingly incorporate new architectures and performance-enhancing layers. As a materials discovery company, we are well positioned to benefit from these technology transitions. Our deep R&D capabilities, combined with world-class expertise in precursor innovation and atomistic process technology, enable the leading-edge logic and high-bandwidth memory applications driving the AI revolution.
Logic/foundry remained the main driver of our business in Q2. We saw accelerating demand in leading-edge, particularly in the 2nm node, while 3nm to 7nm also saw an uptick in sales supported by investments related to CPU and agentic AI applications. The 1.4nm node remains on track for its first meaningful contribution in the second half of the year, also reflecting increased market share gains in both ALD and Epi. We are especially pleased by recent wins in our Mo ALD offerings at the 1.4nm node. In memory, sales showed a solid increase, mostly driven by HBM-related DRAM. We continue to strengthen our position in the memory market, and during the quarter, we were selected by another DRAM customer for our Epi solution. Sales in mature logic/foundry remained strong in Q2.”
Outlook
For Q3 2026, at constant currency, ASM expects revenue of
At our Investor Day in September 2025, we provided a target revenue range of
Announcement planned CFO succession
On July 6 2026, ASM announced its intention to nominate Chris Figee for appointment as member of the Management Board and CFO. Chris is expected to join ASM on December 1, 2026, and his appointment will be submitted to shareholders for approval at an Extraordinary General Meeting expected in March 2027. Paul Verhagen will continue to serve as CFO until the intended appointment becomes effective and, thereafter, remain in an advisory role until the end of his contract to support a smooth transition.
Interim financial report
ASM International N.V. (Euronext Amsterdam: ASM) today also publishes its Interim Financial Report for the six-month period ended June 30, 2026. This report includes an Interim Management Board Report, including ESG update, and condensed consolidated interim financial statements prepared in accordance with IAS 34 (Interim Financial Reporting). The Interim Financial Report comprises regulated information within the meaning of the Dutch Financial Markets Supervision Act (“Wet op het Financieel Toezicht”) and is available in full on our website www.asm.com.
About ASM
ASM International N.V., headquartered in Almere, the Netherlands, and its subsidiaries design and manufacture equipment and process solutions to produce semiconductor devices for wafer processing, and have facilities in the United States, Europe, and Asia. ASM's common stock trades on the Euronext Amsterdam Stock Exchange (symbol: ASM). For more information, visit ASM's website at www.asm.com.
Cautionary Note Regarding Forward-Looking Statements: All matters discussed in this press release, except for any historical data, are forward-looking statements. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. These include, but are not limited to, economic conditions and trends in the semiconductor industry generally and the timing of the industry cycles specifically, currency fluctuations, corporate transactions, financing and liquidity matters, the success of restructurings, the timing of significant orders, market acceptance of new products, competitive factors, litigation involving intellectual property, shareholders or other issues, commercial and economic disruption due to natural disasters, terrorist activity, armed conflict or political instability, changes in import/export regulations, pandemics, epidemics and other risks indicated in the company's reports and financial statements. The company assumes no obligation nor intends to update or revise any forward-looking statements to reflect future developments or circumstances.
This press release contains inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation.
Quarterly earnings conference call details
ASM will host the quarterly earnings conference call and webcast on Wednesday, July 29, 2026, at 3:00 p.m. CET.
Conference-call participants should pre-register using this link to receive the dial-in numbers, passcode and a personal PIN, which are required to access the conference call.
A simultaneous audio webcast and replay will be accessible at this link.
| Contacts | |
| Investor and media relations | Investor relations |
| Victor Bareño | Huiying Jing |
| T: +31 88 100 8500 | T: +31 88 100 8124 |
| E: investor.relations@asm.com | E: investor.relations@asm.com |
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